The USDA has slashed its soybean production outlook while raising their guess for this year’s corn crop.
The USDA has 2023 soybean production at 4.3 billion bushels, 210 million less than last month following the recent cut to the planted area total, down to 83.5 million acres. Harvested area was also reduced by 4 million acres to 82.7 million, while the yield was unchanged at 52 bushels per acre.
Old crop soybean ending stocks were up, mostly on a cut in exports, while new crop ending stocks were down, primarily on the lower production number, but the USDA did also reduce the outlooks for domestic crush and exports.
USDA raises corn crop guess, lowers soybeans
